Norway’s RunwayVC reaches €40 million first close for Fund II to back industrial technology startups

Norway’s RunwayVC has successfully closed its first Fund II with €40 million in capital, aimed at supporting early-stage industrial technology startups in areas such as AI, software, robotics, automation, and autonomous systems. Aker, the sole investor in Fund I, continues to play a pivotal role in Fund II as a key investor. The fund has attracted new investors including Halliburton, Aker BP, Aker Solutions, KLP, Norway’s largest pension company, and state-owned Investinor, as well as industrial families and prominent technology and finance investors.

RunwayVC is led by Tor Bækkelund, who explains that the firm is strategically positioned amidst a technological shift in the industry. With Fund II, the firm aims to invest more effectively in companies that will shape the future. Since 2022, the venture capital team has backed 24 companies through Fund I, achieved two exits, and collectively raised more than NOK 2 billion in external capital.

The new fund plans to make around 20 investments over the next three to five years, with initial investments typically ranging from NOK 5–10 million. The first two investments made under Fund II include Minerva Humanoids, which develops humanoid robots for challenging industrial environments, and HIVE Autonomy, a Norwegian Physical AI company that makes industrial machines autonomous.

Aker’s President and CEO, Øyvind Eriksen, highlights the transformative impact of AI, robotics, and software on industries, and emphasizes the importance of RunwayVC’s model in connecting venture capital with industrial expertise.